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Orange County is still in a seller's market which means there were more people looking to buy than there were homes available. According to Google, "homes for sale" searches increased nearly 50% from the November low during the week ending January 7, 2023.
As 2023 begins, according to Reports on Housing, Orange County’s housing inventory has fewer than 2,500 homes, the second lowest since the housing data site began tracking the information in 2004. In addition, lenders that I use are reporting a significant increase of buyers updating their pre-approval letters.
What does it all mean?
If you are looking to list your property on the market, low inventory means more buyers equates to less competition for sellers and a growing pool of competing buyers. On the other hand, if you're looking to purchase property, now is the time before the market is flooded with buyers that were unable to buy last year and new buyers this year. However, deals such as 2 for 1 buy downs and other concessions that serious sellers were agreeing to are still in play for now.
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